Vincent Favier Becomes CEO of ECOSLOPS

PARIS--(BUSINESS WIRE)--

Regulatory News:

ECOSLOPS (Paris: ALESA) (ISIN: FR0011490648; Mnemonic: ALESA), a company producing recycled marine fuel from marine oil residues, announced today a change in its governance with the dissociation of the functions of Chairman of the Board and CEO, approved by the Board of Directors. Michel Pingeot will remain Chairman of the Board of Directors, and Vincent Favier, previously member of the Board, will become CEO of the Company.

The Board of Directors met on March 23rd. Michel Pingeot, co-founder of ECOSLOPS, becomes Chairman of the Board. In line with its commitments toward the Company and its shareholders, he will continue to contribute to the development of ECOSLOPS and will supervise the progressive ramp-up of the first industrial unit, located in Sinès (Portugal).Vincent Favier is appointed as Chief Executive Officer of ECOSLOPS, effective April 6th, 2015. Vincent Favier has been a shareholder and member of the Board since 2009. He actively contributed to the development of the Company. He has been in charge of investments for Tikehau Capital Advisors for the past two years and has a solid experience in renewable energies, infrastructure projects and fast-growing companies.

Michel Pingeot, Chairman and founder of ECOSLOPS, added: “We are very proud to welcome Vincent Favier as CEO of ECOSLOPS. His appointment is in line with our development strategy and confirms our ambitions for a strong growth in the coming years. Vincent Favier has accompanied ECOSLOPS since its inception and I am convinced the Company will benefit from its deep knowledge of our industry. I will of course overview future technical developments of ECOSLOPS as well as the implementation of our strategic projects.”

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ECOSLOPS overview (http://www.ecoslops.com):ECOSLOPS has developed a unique technology to transform oil residues from shipping (slops and sludge) into new recycled marine fuels. The Company’s ambition is to establish itself as major player in the treatment of marine hydrocarbon waste.ECOSLOPS’ first industrial scale treatment unit, with an annual capacity of more than 25 000 tons of recycled fuel, acquired end of 2014 an operating permit in Sinès, the first industrial Portuguese port located 150 km away South of Lisbon. The production began and during the course of 2015, the unit will increase its capacity.The ECOSLOPS solution is based on a perfect knowledge of the processes of collection, treatment and recycling of slops and sludges, and a major innovation: the P2R (“Petroleum Residue Recycling”) column.ECOSLOPS offers an economic and ecologic solution to port infrastructure, waste collectors and ship owners through industrial scale treatment unit they develop and operate. The recycling market has grown strongly, with the tightening of international and European regulations, while the sea freight picks up by 3 to 4% long run annual growth.Several projects to deploy slops treatment units internationally are ongoing, in countries such as Côte d’Ivoire, in Singapore, or Northern Europe. ECOSLOPS was created in 2009 by Michel Pingeot, former CEO of Heurtey Petrochem, and Jean-Claude Company. They both have a long experience in the petroleum industry and refining, holding different position in company such as Total Group and Gemmes Venture.ECOSLOPS is a public listed company on Alternext in Paris (ISIN: FR0011490648; Mnemonic: ALESA)

ECOSLOPS
Press Contacts :
Citigate Dewe Rogerson
Lucie Larguier/Alison Emringer
Tel: + 33 1 53 32 78 91 ; + 33 1 53 32 84 75
Email : [email protected]

Source: ECOSLOPS

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